NEW YORK, Jan. 22 (Xinhua) -- Leading U.S. banks Goldman Sachs and JPMorgan Chase are in the crosshairs of right-leaning activist groups privately pushing them to abandon or shrink their diversity, equity and inclusion (DEI) efforts, reported The Wall Street Journal (WSJ) on Wednesday.
"Bank of America and Citigroup, meanwhile, are under pressure from activists accusing them of discriminating against customers because of their religious or political beliefs," noted the report.
The various groups, which include the National Center for Public Policy Research, the National Legal and Policy Center and the Heritage Foundation, each own small stakes in shares of the banks they are targeting, and submitted proposals challenging their business practices late last year, it said. They argue that the banks' policies leave them and their shareholders vulnerable to costly legal challenges.
Shareholders could have a chance to vote on the proposals ahead of the banks' annual meetings this spring. Boards typically recommend shareholders vote against such measures. "The groups have filed similar proposals against companies including Apple, Walmart and Starbucks and all have been handily defeated, rarely getting more than 2 percent of shareholder support," it added.
